AuraBlocks introduces Blockchain to credit system

Blockchain AuraBlocks, a consulting company, confirmed that it used the Oracle Blockchain Cloud Service for an advanced credit system
04 December 2017   562

The lending system has always had a shortcoming because of financial accountability, which is why creditors faced high transaction costs that were spent on maintaining the system.

With the introduction of the blockchain system, which introduced even more transparency due to decentralization and increased protection against malicious software, it has also been used in the credit sector.

According to Kieran Murthy, technical director of Aurablocks, the Oracle Blockchain Cloud Service was created on the basis of The REST API and Hyperledger Fabric 1.0, which provides ease of integration. Previously, processing of all the data took about two weeks, now it takes only a couple of hours.

Oracle Blockchain Cloud Service on the way to creating an ideal operating scheme that will protect creditors from fraud. This solution will attract more deals and improve the quality of consolidation accounts.

According to calculations by Venkatesh Bala, the main specialist in Biz2Credit issues, AuraBlocks technology will be able to cut costs for data processing by 25%, which is $ 1 billion.

Testing the idea from Aurablocks demonstrated how blockchain technology can contribute to business optimization. Thus, lower operating costs will result in low rates offered to lenders.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   88

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.